中國會計師事務所經營效率分析：合併的影響

The Operating Efficiency of Chinese CPA Firms: The Effect of Merger

10.6226/NTURM2014.DEC.R11005

林孝倫(Hsiao-Lun Lin)；卓佳慶(Chia-Ching Cho)

會計師事務所 ； 合併 ； 資料包絡分析法 ； CPA firms ； mergers ； Data Envelopment Analysis

臺大管理論叢

24卷S1期（2014 / 09 / 01）

175 - 201

繁體中文

中國註冊會計師協會為提升境內事務所之規模與品質，推動「會計師事務所做大做強」計畫，該計畫促使中國會計師事務所展開合併風潮。但會計師事務所透過合併擴張規模的同時，其經營效率是否亦有所提升，尚未有文獻分析。本文以資料包絡分析法分析會計師事務所之經營效率，並以麥氏生產力指數分析事務所經營效率之變化。實證結果顯示，涉及合併的事務所跨期間經營效率的提升較未涉及合併的事務所高。本文進一步將涉及合併的事務所依據合併前是否具有「證券、期貨相關業務許可證」加以區分，發現兩家以上具有證券、期貨相關業務許可證之事務所合併，對於經營效率的提升才有顯著正向的影響。此外，本文將合併前事務所總所所在地是否在同一省份加以區分，實證結果顯示，若合併前事務所總所位於不同省份，事務所間業務區域互補性高，對於事務所經營效率的提升有顯著正向的影響。綜上所述可知，中國近期涉及合併事務所的效率提升較未合併者顯著，但並非所有事務所都可以透過合併來達成做大做強的效果，在推動政策與事務所在進行合併決策時，應審慎評估事務所合併對於經營效率的影響。

Developing larger and more competitive Chinese CPA firms is the objective of Chinese government. The Chinese government supports CPA firms to achieve scale growth through merger. This study examines the relationship between operational efficiency and the merging of CPA firms. We measure operating efficiency by applying Data Envelopment Analysis (DEA). Using revenue and human resource data in China for the 2004-2009 period, we find firms that are involved in mergers have significantly higher productivity growth than their peers. However, not all mergers have positive effects. Mergers occur between two (or more) CPA firms that are licensed to audit listed companies and mergers occur between two (or more) CPA firms that headquarter are in different provinces have significantly higher productivity growth. The findings of this study have policy implications for regulators in China and the Chinese CPA firms.

1. 林嬋娟、林孝倫(2009)。會計師事務所規模、品牌與競爭程度對審計公費之影響：中國之實證。會計評論，49，35-72。
   連結：
2. Amel, D.,Barnes, C.,Panetta, F.,Salleo, C.(2004).Consolidation and efficiency in the financial sector: A review of the international evidence.Journal of Banking and Finance,28(10),2493-2519.
3. Banker, R. D.,Chang, H.,Kao, Y. C.(2002).Impact of information technology on public accounting firm productivity.Journal of Information Systems,16(2),209-222.
4. Banker, R. D.,Chang, H.,Natarajan, R.(2005).Productivity change, technical progress, and relative efficiency change in the public accounting industry.Management Science,51(2),291-304.
5. Banker, R. D.,Charnes, A.,Cooper, W. W.(1984).Some models for estimating technical and scale inefficiencies in data envelopment analysis.Management Science,30(9),1078-1092.
6. Beattie, V.,Goodacre, A.,Fearnley, S.(2003).And then there were four: A study of UK audit market concentration-causes, consequences and the scope for market adjustment.Journal of Financial Regulation and Compliance,11(3),250-265.
7. Chan, K. H.,Lin, K. Z.,Mo, P.(2006).A political-economic analysis of auditor reporting and auditor switches.Review of Accounting Studies,11(1),21-48.
8. Chang, H, J.,Chen, J.,Duh, R. R.,Li, S. H.(2011).Productivity growth in the public accounting industry: The roles of information technology and human capital.Auditing: A Journal of Practice & Theory,30(1),21-48.
9. Chang, H. J.,Chen, C. T.,Yang, Y.(2009).IT capital accumulation and productivity growth in public accounting firms.IEEE Transactions on Engineering Management,56(4),672-700.
10. Chen, H. K.,Wu, D.(2011).Aggregate quasi rents and auditor independence: Evidence from audit firm mergers in China.Contemporary Accounting Research,28(1),175-213.
11. Cheng, T. W.,Wang, K. L.,Weng, C. C.(2000).A study of technical efficiencies of CPA firms in Taiwan.Review of Pacific Basin Financial Markets and Policies,3(1),27-44.
12. Cummins, J. D.,Xie, X.(2008).Mergers and acquisition in the US property-liability insurance industry: Productivity and efficiency effects.Journal of Banking and Finance,32(1),30-55.
13. Defond, M. L.,Wong, T. J.,Li, S.(2000).The impact of improved auditor independence on audit market concentration in China.Journal of Accounting and Economics,28(3),269-305.
14. Firth, M.,Lau, T.(2004).Audit pricing following mergers of accounting practices: Evidence from Hong Kong.Accounting and Business Research,34(3),201-213.
15. General Accounting Office(2003).,未出版
16. Healy, P.,Lys, T.(1986).Auditor changes following big eight mergers with non-big eight audit firms.Journal of Accounting and Public Policy,5(4),251-265.
17. Iyer, V. M.,Iyer, G. S.(1996).Effect of Big 8 mergers on audit fee: Evidence from the United Kingdom.Auditing: A Journal of Practice and Theory,15(2),123-132.
18. Jerris, S. I.,Pearson, T. A.(1996).Benchmarking CPA firms for productivity and efficiency.The CPA Journal,66(7),64-66.
19. Kitching, J.(1967).Why do mergers miscarry?.Harvard Business Review,45(6),84-101.
20. Lawrence, J. E.,Glover, H. D.(1998).The effect of audit firm mergers on audit delay.Journal of Managerial Issues,5(2),151-164.
21. Malmquist, S.(1953).Index numbers and indifference surfaces.Trabajos de Estadistica,4(2),209-242.
22. McMeeking, K. P.(2007).Competition in the UK accounting services market.Managerial Auditing Journal,22(2),197-217.
23. Minyard, D. H.,Tabor, R. H.(1991).The effect of big eight mergers on auditor concentration.Accounting Horizons,5(4),79-90.
24. Sullivan, M.(2002).The effect of the big eight accounting firm mergers on the market for audit services.Journal of Law and Economics,45(2),375-399.
25. Thavapalan, S.,Moroney, R.,Simnett, R.(2002).The effect of the Pricewaterhouse Coopers merger on auditor concentration in Australia: A note.Accounting and Finance,42(2),153-167.
26. Tsai, T. Y.,Yang, C. C.(2008).Mergers and operational efficiency in Taiwan's audit firms.Journal of American Academy of Business,12(2),99-103.
27. Wootton, C. W.,Tonge, S. D.,Wolk, C. M.(1994).Pre and post Big 8 mergers: Comparison of auditor concentration.Accounting Horizons,8(3),58-74.
28. 許漢友、湯谷良、汪先娣(2008)。中國會計師事務所盈餘效率之DEA分析。會計研究，3，74-81。
29. 黃蘭貴(2001)。國立臺灣大學會計學研究所=Graduate Institute of Accounting, National Taiwan University。
30. 楊永淼(2009)。我國會計師事務所運營效率的實證分析。財會月刊，508，71-73。
31. 賈憲威、劉文、侯路、李林春(2010)。我國會計師事務所審計運營效率的實證研究。財會月刊，553，68-71。

1. 張紹基、翁鶯娟、張紹基、翁鶯娟(2017)。併購與策略聯盟在公司理財文獻之回顧與展望：亞洲市場之研究。臺大管理論叢，27(3)，163-214。
2. (2023).Operating efficiency of accounting firms based on different perspectives of human resource structures.Asia Pacific Management Review,28(3),253-266.